Creating an estate plan for clients who are in non-traditional relationships or are part of a blended family can be very tricky. Why is Estate Planning for Non-Traditional Couples So Tricky? Let’s assume a hypothetical fact situation where you have a women (Jane) with $4M in assets. She is a widow and has 2 children. […]
According to multiple news sources, when the creative director and fashion designer Karl Lagerfeld died on February 19, 2019, he left his famous cat, Choupette, a significant amount of money in trust. Pet trusts are now quite common, and specifically authorized by statute in most jurisdictions. Many people consider pets as a part of the family, and want them […]
Recently, I wrote a post explaining the differences between a First Party Special Needs Trust and a Third Party Supplemental Needs Trust. As you are aware, the goal of a Special Needs Trust or a Supplemental Needs Trust is to provide financial resources to a Special Needs Person in a way that will not cause them […]
Recently I gave a lecture on the valuation of trusts. While I am not an accountant nor am I a valuation expert, I live and breathe trusts… and frequently the question comes up, what is value of a particular beneficiary’s interest in a trust. Keep in mind, just because a trust is worth $1M, it […]
I am frequently asked about the best way to transfer wealth to younger generations. Sometimes people feel that absent having a minor child, a problem child or a special needs child, there is no reason to set up a trust. Often times they are correct and there is no reason create a trust because the […]
Many individuals who live outside of America like to purchase real estate in America or invest in the U.S. Stock Market. It can be much safer than investing in other parts of the world and often times the individual has children who have moved to America to live or study. Florida and New York are […]
From time to time, people ask me how executor’s commissions and trustee’s commissions should be calculated. I have already written a post on calculating executor and administrator commissions, so this post will focus on Trustee commissions. New Jersey statutes on trustee commissions are very difficult to interpret because they use the term fiduciary to apply […]
Typically, people take it for granted that there will not be any tax when they sell their personal residence. Technically, there is a tax, but the government also offers a limited exclusion under Section 121 of the Internal Revenue Code. For individuals who sell their primary residence, you can exclude the first $250,000 of gain. […]
I was talking with a colleague the other day regarding a trust that he manages for a rather difficult benefiary. The trust is rather small in terms of overall dollars, but he advised me that it consumes a great deal of his time because the beneficiary calls hundreds of times a year – begging for […]